British Government To Raise Retirement Age Limit
Shaveta Bansal - All Headline News Contributor
London, England (AHN) – Following the recommendations from Prime Minister Tony Blair-appointed Pensions Commission, the British government on Thursday said that it will increase the retirement age to 68 by 2044 in order to tackle an approaching funding crisis. According to the panel, the pension system needed a major overhaul as people were living longer but having fewer children, says The Associated Press. The Commission also predicted that by 2050, there will be 50 percent more pensioners in Britain and that nearly 10 million people of working age are not saving enough for their retirement. Work and Pensions Secretary John Hutton also said the state pension will rise in line with earnings from 2012.
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